Get AI Briefings, Transcripts & Alerts on Local & National Government Meetings — Forever.
Penn‑Trafford audit returns unmodified opinion; auditor highlights $2 million lease receivable
Summary
Independent auditor Margaret Griego told the board the district's financial statements received an unmodified opinion, that no material misstatements or federal compliance deficiencies were found, and that a first‑floor administrative building lease generated more than $2 million in recognized receivable revenue that increased net position.
The independent auditors' report for Penn‑Trafford School District was unmodified, the auditor told the board on May 4. Margaret Griego of the auditing office said the firm found no disagreements with management and no material misstatements in the district's financial statements.
"The independent auditors report was an unmodified opinion, which just means that everything checked out and was good," Griego said, adding the team found no internal control deficiencies in the single audit for federal awards. She said management representations were obtained before issuing the final report.
Griego explained a significant driver of the district's improved government‑wide net position was recognition of a long‑term lease receivable from leasing the first floor of the Administrative Building. "That's easily over $2,000,000 of future revenue," she said, and noted that lease receivable appears on the statements and will be amortized over the life of the lease.
The auditor also described modest changes elsewhere in the statements: liabilities increased slightly (about $61,000) and revenues rose about $2.2 million (roughly 3%), while expenditures increased about $5.7 million, driven primarily by timing of grant-related spending. Griego said the audit team had no issues to report and left contact information for follow‑up questions.
The presentation concluded with board members thanking the firm and noting the audit materials will be available for review.
